The Gold Standard. Lecture 12 – Tuesday, 20 October 2009 J A Morrison. Isaac Newton. David Hume. Admin. Papers Returned Upcoming Events 7 PM, Tues, 27 Oct: Screening of Niall Ferguson’s The Ascent of Money (2009) Thurs, 29 Oct: Deadline for Second Discussion Post. The Gold Standard.By vito
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International Monetary Exchange in Theory. Lecture 11 – Tuesday, 12 October 2010 J A Morrison. Satirical Cartoon of John Law’s Mississippi Scheme (Paris, 1720). We’re at another turning point in the course…. PS 0304 Int’l Pol Econ. ✔. Unit 1: Studying the Global Economy
International Monetary Exchange in Theory. Lecture 11 – Thursday, 15 October 2009 J A Morrison. Satirical Cartoon of John Law’s Mississippi Scheme (Paris, 1720). Admin. Papers back Soon—Friday? Online Discussion: Another post by 29 Oct. We’re at another turning point in the course….
The Monetary Equation of Exchange. Relating Money to GDP. Economist, Irving Fisher postulated that : Nominal GDP = The Money Supply * Money’s Velocity. The Monetary Equation of Exchange. MV = PQ M = money supply (M1 or M2) V = money’s velocity (M1 or M2)
Chinese Monetary Policy – exchange rate. Content . Important events in exchange rate management The art of allocating wealth Credit slaverize Fact: rich becomes richer. two Key Milestones. 1994 Jan. 1 st integrate exchange rate market, consolidate and fix the exchange rate to 1: 8.7 USD
Monetary and Exchange-Rate Policies. READING ASSIGNMENT: Oatley – Chapter 13. Plan for today. Review electoral models. Especially… The “Sectoral model” of voter-preferences: export-oriented prefers weak, fixed import-competing prefers weak, float non-tradable prefers strong, float
Monetary Policy and Foreign Exchange Rates. FUNDAMENTAL ISSUES. What is the monetary approach to exchange-rate determination? What are the main assets and liabilities of central banks? How do a central bank’s foreign-exchange market interventions alter the monetary base and the money stock?
The Monetary Approach to Exchange Rates Putting Everything Together Available Assets Foreign Currency (M*) Pays no interest, but needed to buy foreign goods Home Currency (M) Pays no interest, but needed to buy goods
Financial Frictions, Monetary Policy, Exchange Rates. Some Basic Issues. Introduction. Large changes in relative prices are often seen and create winners and losers Examples: real estate prices, stocks and bonds, exchange rates Conventional macroeconomics has largely ignored these
Ted Berk James Ratcliffe February 4-5, 2001. BGIE Review: Monetary Policy Exchange Rates. Introduction. Who we are: Ted Berk (OD), email@example.com, 868-8577 James Ratcliffe (OC), firstname.lastname@example.org, 492-2974 What these reviews are for: Focus on the basic tools